Singer Beyoncé is accused of causing inflation in Sweden

Not the conflict in Ukraine or supply chain disruption, singer Beyoncé has become the cause of price inflation in Sweden.

Singer Beyoncé. Photo: Getty Images

The chief economist at Danske Bank – the largest bank in Denmark – said that the singer’s decision to open his world tour “Renaissance” in Stockholm last month has caused restaurant and hotel prices in the area to increase. suddenly, when tens of thousands of fans flocked to this city.

Mr. Michael Grahn estimates that sudden demand from Beyoncé’s fans, or BeyHive, accounted for two-thirds of the reason for price increases in the Swedish hotel industry in May.

The above index has contributed to the Swedish government’s overall inflation reduction efforts only reaching a more modest level than expected. Official statistics showed annual consumer price inflation eased to 9.7% in May from 10.5% the previous month, while economists polled by Reuters had predicted a lower level. A sharper decrease of 9.4%.

“It’s definitely not normal. Big stars always come here, but we rarely see such effects,” Mr. Grahn told CNN.

This economist said that many audiences went to Sweden to watch Beyoncé’s two concerts in the country because ticket prices were relatively cheaper than elsewhere. In addition, the weak Swedish currency has boosted spending demand.

Some Beyoncé fans in the US shared with BuzzFeed News in February that they had purchased tickets for concerts in Sweden at a large discount compared to events held in the US.

After Beyoncé’s effect, hotels and accommodation in areas far from the capital Stockholm have increased prices. However, expert Grahn predicts this effect will only be short-term and hotel prices will gradually decrease.

Later this month, American singer Bruce Springsteen will also hold three shows in the Swedish city of Gothenburg and could put pressure on prices.